Guideline Value for KARTHIKEYAN NAGAR 2nd Cross Street

KARTHIKEYAN NAGAR 2nd Cross Street guideline value

The current guideline value of KARTHIKEYAN NAGAR 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024. This street is located in Maduravoyal village and falls under the Virugambakkam SRO. The land classification for this area is Residential Class II Type - I.

How the guideline value of KARTHIKEYAN NAGAR 2nd Cross Street has changed

The guideline value for KARTHIKEYAN NAGAR 2nd Cross Street has seen several revisions over the years. In 2002, the register recorded a guideline value of Rs 283 per sq.ft, which increased to Rs 310 per sq.ft in 2003. The value continued to rise significantly, reaching Rs 500 per sq.ft in 2007. By 2012, the value was Rs 3,000 per sq.ft, but it dropped to Rs 2,010 per sq.ft in 2017. The 2023 revision set the value at Rs 3,000 per sq.ft, and the latest revision in 2024 has increased it to Rs 3,300 per sq.ft.

Between the revisions, there have been notable changes. From 2002 to 2003, the value increased by 10%. The jump from 2007 to 2012 was a remarkable 500%, while the decrease from 2012 to 2017 was 33%. The increase from 2017 to 2023 was 49%, and the latest revision from 2023 to 2024 shows a 10% rise. Overall, from 2002 to 2024, the guideline value has increased by 1066%.

Guideline values in Maduravoyal

In Maduravoyal, there are 636 streets under the Virugambakkam SRO that carry a 2024 guideline value ranging from Rs 2,200 to Rs 6,050 per sq.ft, with a median value of Rs 3,050 per sq.ft. The guideline value for KARTHIKEYAN NAGAR 2nd Cross Street is above this median.

• KARTHIKEYAN NAGAR 1st Main Road: Rs 3,300 per sq.ft (2024)
• KARTHIKEYAN NAGAR 2nd Main Road: Rs 3,300 per sq.ft (2024)
• KARTHIKEYAN NAGAR 1st Cross Street: Rs 3,300 per sq.ft (2024)
• KARTHIKEYAN NAGAR 3rd Cross Street: Rs 3,300 per sq.ft (2024)
• KARTHIKEYAN NAGAR 3rd Main Road: Rs 3,300 per sq.ft (2024)
• KARTHIKEYAN NAGAR - Agathiyar Street: Rs 3,300 per sq.ft (2024)

Stamp duty and registration fee for property in KARTHIKEYAN NAGAR 2nd Cross Street

For a 1,000 sq.ft plot at the current guideline value of Rs 3,300 per sq.ft, the total guideline value would be Rs 33,00,000. The stamp duty at 7% would amount to Rs 2,31,000, and the registration fee at 2% would be Rs 66,000, bringing the total to Rs 2,97,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers KARTHIKEYAN NAGAR 2nd Cross Street?

The Sub Registrar Office that covers KARTHIKEYAN NAGAR 2nd Cross Street is the Virugambakkam Sub Registrar Office, located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Maduravoyal

The guideline value plays a crucial role during the registration process of property transactions in Maduravoyal. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that all transactions are documented at a fair value.

When buying or selling property, the guideline value is used to calculate the stamp duty and registration fees. Buyers need to be aware that these charges are based on the higher of the guideline value or the sale price, which ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of KARTHIKEYAN NAGAR 2nd Cross Street?

The current guideline value of KARTHIKEYAN NAGAR 2nd Cross Street is Rs 3,300 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 283 per sq.ft in 2002 to Rs 3,300 per sq.ft in 2024, reflecting an overall increase of 1066% over the years.

What is the land classification for KARTHIKEYAN NAGAR 2nd Cross Street?

The land classification for KARTHIKEYAN NAGAR 2nd Cross Street is Residential Class II Type - I.

Where is the Sub Registrar Office for this area located?

The Virugambakkam Sub Registrar Office is located at No. 576 Mogappair West, Ambattur Industrial Estate, Chennai 600 037.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the higher of the guideline value or the sale price. For example, for a 1,000 sq.ft plot at the current guideline value, the total costs would amount to Rs 2,97,000.